Historical Agreement on EU Banking Union

EU leaders reached a compromise on December 20 for a single resolution fund deal for failing banks. The €55 bn fund will have a “resolution board” to decide which banks are in danger of insolvency and make recommendations to the EU Commission. The EU finance ministers (with a required two-thirds majority) will then agree on rescue packages. The Parliament still has to ratify the deal. Martin Schulz anticipates the negotiations to be “long, difficult, and complicated.”